Ethereum Price Dips Below $2,700 as Bearish Momentum Grows

Ethereum price is declining from the $2,800 zone. A dip below the $2,650 support may lead to increased bearish momentum.

• ETH has declined below $2,720.
• Current trading below $2,700 and the 100-hourly Simple Moving Average.
• Break below a key bullish trend line with support at $2,680 detected on ETH/USD's hourly chart.
• Price may rebound if it stabilizes above $2,700 and $2,720.

Current Market Status

ETH attempted to rise above $2,650 but failed to surpass $2,800, reaching a high of $2,791 before declining.

Price movements included:

• Drop below $2,750 and $2,720 support levels.
• Move beneath the 50% Fib retracement level from $2,614 to $2,791.
• Finding bids near the 76.4% Fib retracement level.

Resistance levels include:

• $2,680 as an immediate hurdle.
• $2,720 as the first major resistance.
• $2,780 or $2,800 as main resistances.
• A clear breakout above $2,800 could target $2,880 and potentially $3,000.

Potential for Further Losses

If ETH does not breach $2,720, it may decline further:

• Initial support at $2,655.
• Major support near $2,615.
• Further drops could target $2,550 and $2,500 support levels.
• Next significant support at $2,440.

Technical Indicators

• Hourly MACD indicates bearish momentum.
• RSI for ETH/USD is below 50.
• Major Support Level – $2,650
• Major Resistance Level – $2,720